Fair Value Measurements (Tables)

12 Months Ended

Sep. 30, 2021

Fair Value Disclosures [Abstract]

Fair Value, Assets Measured on Recurring Basis

The Company's assets measured at estimated fair value on a recurring basis at September 30, 2021 and 2020 are as follows (dollars in thousands):

	Estimated Fair Value
September 30, 2021	Level 1		Level 2		Level 3		Total
Available for sale investment securities
MBS: U.S. government agencies	$	—	$	63,176	$	—	$	63,176
Investments in equity securities
Mutual funds	955		—		—		955
Total	$	955	$	63,176	$	—	$	64,131

September 30, 2020
Available for sale investment securities
MBS: U.S. government agencies	$	—	$	57,907	$	—	$	57,907
Investments in equity securities
Mutual funds	977		—		—		977
Total	$	977	$	57,907	$	—	$	58,884

Balances of Assets Measured at Estimated Fair Value, Nonrecurring Basis

The following table summarizes the balances of assets measured at estimated fair value on a non-recurring basis at September 30, 2021 (dollars in thousands):

	Estimated Fair Value
Impaired loans:	Level 1		Level 2		Level 3
Mortgage loans:
Land	$	—	$	—	$	286
Commercial business loans	—		—		123
Total impaired loans	—		—		409
Investment securities – held to maturity:
MBS - Private label residential	—		10		—
OREO and other repossessed assets	—		—		157
Total	$	—	$	10	$	566

The following table summarizes the balances of assets measured at estimated fair value on a non-recurring basis at September 30, 2020 (dollars in thousands):

	Estimated Fair Value
Impaired loans:	Level 1		Level 2		Level 3
Mortgage loans:
One- to four-family	$	—	$	—	$	481
Commercial business loans	—		—		210
Total impaired loans	—		—		691
Investment securities – held to maturity:
MBS - Private label residential	—		8		—
OREO and other repossessed assets	—		—		1,050
Total	$	—	$	8	$	1,741

Level 3 Fair Value Measurements, Nonrecurring Basis

The following table presents quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a non-recurring basis as of September 30, 2021 (dollars in thousands):

	Estimated Fair Value		Valuation Technique(s)	Unobservable Input(s)	Range
Impaired loans	$	409	Market approach	Appraised value less estimated selling costs	NA
OREO and other repossessed assets	157		Market approach	Lower of appraised value or listing price less estimated selling costs	NA

The following table presents quantitative information about Level 3 fair value measurements for financial instruments measured at fair value on a non-recurring basis as of September 30, 2020 (dollars in thousands):

	Estimated Fair Value		Valuation Technique(s)	Unobservable Input(s)	Range
Impaired loans	$	691	Market approach	Appraised value less estimated selling costs	NA
OREO and other repossessed assets	1,050		Market approach	Lower of appraised value or listing price less estimated selling costs	NA

Balances of Assets and Liabilities Measured at Estimated Fair Value, Recurring Basis

The recorded amounts and estimated fair values of financial instruments were as follows as of September 30, 2021 (dollars in thousands):

					Fair Value Measurements Using:
	Recorded Amount		Estimated Fair Value		Level 1		Level 2		Level 3
Financial Assets
Cash and cash equivalents	$	580,196	$	580,196	$	580,196	$	—	$	—
CDs held for investment	28,482		28,482		28,482		—		—
Investment securities	132,278		133,286		28,670		104,616		—
Investments in equity securities	955		955		955		—		—
FHLB stock	2,103		2,103		2,103		—		—
Other investments	3,000		3,000		3,000		—		—
Loans held for sale	3,217		3,290		3,290		—		—
Loans receivable, net	968,454		981,905		—		—		981,905
Accrued interest receivable	3,745		3,745		3,745		—		—
Financial Liabilities
Certificates of deposit	134,129		135,178		—		—		135,178
Accrued interest payable	134		134		134		—		—

The recorded amounts and estimated fair values of financial instruments were as follows as of September 30, 2020 (dollars in thousands):

					Fair Value Measurements Using:
	Recorded Amount		Estimated Fair Value		Level 1		Level 2		Level 3
Financial Assets
Cash and cash equivalents	$	314,452	$	314,452	$	314,452	$	—	$	—
CDs held for investment	65,545		65,545		65,545		—		—
Investment securities	85,797		87,734		—		87,235		499
Investments in equity securities	977		977		977		—		—
FHLB stock	1,922		1,922		1,922		—		—
Other investments	3,000		3,000		3,000		—		—
Loans held for sale	4,509		4,664		4,664		—		—
Loans receivable, net	1,013,875		1,034,876		—		—		1,034,876
Accrued interest receivable	4,484		4,484		4,484		—		—
Financial Liabilities
Certificates of deposit	158,524		160,921		—		—		160,921
Accrued interest payable	274		274		274		—		—